Since the beginning of July 2021, the price of Polygon has been traded along with a very supporting trendline, with plans to retest the region one more time. However, the bearish signals on the MACD and RSI led MATIC to pullback in a near-term, but the analytics do believe that the best time for buy entry is at 23.6% Fibonacci level.
MATIC seeks to depend and build on its performance of stellar 2021in 2022, along with a rigid upward trend which did not represent any signs of bearish lately.
According to the latest readings, MATIC should have tested this trendline one more time. Moreover, the coin’s price was among light retracement after forming a new ATH at $2.92, in Dec 2021. It is worth noting that the bearish signals suggested that the alt was about to dip by around 14% once the price hits below 200-SMA.
In addition, this pullback might rise to be an ideal buy entry at $2 at 23.6% Fibonacci, however, once the new longs are created, MATIC is expected to make it to 161.8% – 200% Fibonacci levels.
The RSI recorded in 4 hours a lower highs series, since Dec 23rd and this trend has not been broken yet, which lead us to suggest that the dominance is still for the traders for the near-term.
MATIC should have extended the losses to $2 in the following week, and the buy entries can be done once the price is set its bottom sloping trendline close to 23.6%. However, traders can gains profits in a 100% from what they have invested once MATIC tags 200% above $4.
The price of MATIC by writing this article is at $2.22 according to coinmarketcap.com and it is trading in red.